General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Jul 03, 2024

RBI, ASEAN to Create Platform for Fast Cross-Border Retail Payments

The Reserve Bank of India (RBI), along with the Bank for International Settlements (BIS) and central banks of four ASEAN countries, is collaborating on Project Nexus, a multilateral initiative aimed at enabling efficient, faster, and cost-effective retail cross-border payments. The platform is expected to go live by 2026 and will interlink domestic fast payment systems (FPS) of Malaysia, the Philippines, Singapore, Thailand, and India.
An agreement to this effect was signed by the BIS and the central banks of the founding countries—Bank Negara Malaysia (BNM), Bank of Thailand (BOT), Bangko Sentral ng Pilipinas (BSP), Monetary Authority of Singapore (MAS), and the Reserve Bank of India—in 2024, in Basel, Switzerland. Indonesia will be involved as a special observer.
India has been promoting its home-grown FPS, the Unified Payments Interface (UPI), for cross-border person-to-person (P2P) and person-to-merchant (P2M) payments. Countries such as Mauritius, Singapore, Nepal, and Sri Lanka accept UPI payments. The National Payments Corporation of India (NPCI) has been focusing on international payments, breaking into markets like France, Sri Lanka, Singapore, and Mauritius.

New CGM and CMD Take Charge at PGCIL

Akhilesh Pathak assumed office as the new Chief General Manager (CGM) of the Southern Region Transmission System-I (SRTS-I) of the Power Grid Corporation of India Ltd (PGCIL). Pathak will oversee the transmission system, including sub-stations and projects in Telangana, Andhra Pradesh, and part of Karnataka. With over 31 years of experience in the transmission sector, he has expertise in operations and maintenance, asset management, and commercial operations. He succeeded K. Sreekant.
Power Grid Corporation of India Limited (POWERGRID) is a Schedule 'A', 'Maharatna' Public Sector Enterprise, established on October 23, 1989. Listed with the Government of India holding a 51.34% stake, POWERGRID is headquartered in Gurugram and plays a crucial role in the national power transmission network.

SBI Launches MSME Sahaj: 15-Minute Online Loan Solution

State Bank of India (SBI) introduced 'MSME Sahaj', a revolutionary online business loan solution tailored for MSMEs. This web-based platform allows MSMEs to obtain credit against their GST registered sales invoices swiftly and seamlessly.
Rapid Processing: MSMEs can access up to Rs. 1 lakh in less than 15 minutes, from application to disbursement, without manual intervention.
Automated Operations: The entire loan lifecycle, including closure on the due date, is managed automatically through a machine learning-powered system.
MSME Sahaj leverages data from GSTIN, bank statements, and credit information companies to streamline credit assessments. It aims to meet the working capital needs of MSMEs under the GST regime efficiently.

Jul 02, 2024

MoSPI Launches eSankhyiki Portal for Enhanced Data Access

The Ministry of Statistics and Programme Implementation (MoSPI) introduced the eSankhyiki portal to revolutionise data accessibility and user experience. This initiative aims to centralise and streamline access to key national statistical data, supporting planners, policymakers, researchers, and the public.
The portal's Data Catalogue Module consolidates over 2291 datasets, including National Accounts Statistics, Consumer Price Index, and more. It offers detailed metadata and visualisation tools to enhance data usability and reusability.
The Macro Indicators Module provides time-series data on major indicators such as National Accounts Statistics and Consumer Price Index over the past decade. It supports data filtering, visualisation, and API sharing, empowering users to analyse and utilise data effectively.

Ravi Agrawal New CBDT Chief

Ravi Agrawal, a 1988-batch IRS officer, was appointed as the new Chairman of the Central Board of Direct Taxes (CBDT). He succeeded Nitin Gupta, whose tenure ended on June 30, 2024. Agrawal's appointment extends till June 2025, with a reappointment on a contract basis to ensure continuity in CBDT's policy framework.
Previously serving as a member (administration) in the board, Agrawal's extended tenure aims to oversee critical tax policy decisions and manage upcoming Union government budgets in July 2024 and February 2025. His reappointment under special conditions underscores the significance of continuity in CBDT's leadership.
The CBDT, headed by a Chairman, operates with six members of special secretary rank.
The CBDT was established in 1963 and it has been responsible for several important reforms in the Indian taxation system.

Union Bank of India Introduces 'Union Premier' Branches for Rural and Semi-Urban Markets

Union Bank of India launched 'Union Premier' branches tailored for high-value customers in rural and semi-urban (RUSU) markets. These branches are designed to offer personalised banking services and a comprehensive range of products under one roof.
Each 'Union Premier' branch features a dedicated Relationship Manager to cater to the specific banking needs of every high-value customer, ensuring personalised attention and service excellence.

Jul 01, 2024

Global Liveability Index 2024

The Economist Intelligence Unit (EIU) just released its most recent Global Liveability Index, which once again names Vienna, Austria, as the best place to live in the world. The 2024 index, which came out today, rates towns around the world based on things like education, healthcare, culture the environment, stability, and infrastructure.
After Vienna, Copenhagen, Denmark, stays in second place, and Zurich, Switzerland, moves up to third. Melbourne, Australia, fell from third to fourth place, which is an important change. Calgary, Canada tied with Geneva, Switzerland for fifth place. Cities like Osaka, Japan, and Auckland, New Zealand, are also praised on the list, which puts them in the top ten.

Japan to Launch New Banknotes

Japan will start issuing new banknotes on the 3^rd of July next month. Local media reported that it is the world's first use of cutting-edge holography that makes the portraits of historic figures appear to rotate in 3D. This new technology will allow visually impaired people to feel and discern which banknote they are holding.
Tactile marks for the visually impaired will also make them recognisable to touch. By the end of March next year, nearly 7.5 billion new banknotes will have been printed. Existing banknotes will remain valid after the introduction of the new banknotes.

FSIB appoints Challa Sreenivasalu Setty as SBI's 27th Chairman, Replaces Dinesh Khara

Financial Services Institution Bureau (FSIB) has selected Challa Sreenivasulu Setty as the next chairman of State Bank of India (SBI). Ashwini Tiwari and Vinay Tonse were two other contenders to the post.
Setty will succeed the current chairman, Dinesh Khara, when he turns 63, the upper age limit for the position of SBI Chairman. His term is scheduled to end in August 2024.
FSIB's decision came in consideration of the overall experience of the contenders. "Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends Challa Sreenivasulu Setty for the position of Chairman in SBI," said the financial body.

Bangladesh Navy Signs Contract for 'Made in India' 800 Tons Ocean Going Tug with India's GRSE

Bangladesh Navy signed a contract for 'Made in India' 800 tons Ocean Going Tug with India's Garden Reach Shipbuilding and Engineers on Sunday. The signing coincides with the visit of India's Chief of Naval Staff Admiral Dinesh K Tripathi to Bangladesh.
Bangladesh Navy has signed a contract for a 'Made in India' 800-ton-Ocean Going Tug with India's Garden Reach Shipbuilding and Engineers.
The signing, held on Sunday, coincides with the visit of India's Chief of Naval Staff Admiral Dinesh K Tripathi to Bangladesh, as per UNB reports.
A new milestone in India's defence Line of Credit to Bangladesh said the Indian High Commission in Dhaka in a message through its verified social media handle.

Jun 30, 2024

RBI Announces SAARC Currency Swap Framework for 2024-27

The Reserve Bank of India with the concurrence of the Government of India decided to put in place a revised Framework on Currency Swap Arrangement for SAARC countries for the period 2024 to 2027. Under this Framework, the Reserve Bank would enter into bilateral swap agreements with SAARC central banks, who want to avail of the swap facility.
Under the Framework for 2024-27, a separate INR Swap Window has been introduced with various concessions for swap support in Indian Rupee. The total corpus of the Rupee support is Rs. 250 billion. The RBI will continue to offer swap arrangement in US$ and Euro under a separate US Dollar/ Euro Swap Window with an overall corpus of US$ 2 billion. The Currency Swap Facility will be available to all SAARC member countries, subject to their signing the bilateral swap agreements.
SAARC Currency Swap Facility came into operation on November 15, 2012 with an intention to provide a backstop line of funding for short term foreign exchange liquidity requirements or balance of payment crises of the SAARC countries till longer term arrangements are made.

Jun 29, 2024

Shivraj Singh Chouhan Launches Portal for Faster Bank Settlements

Union Minister for Agriculture and Farmers' Welfare Shivraj Singh Chouhan launched a new web portal, aimed at automating and expediting the settlement of interest subvention claims under the Agriculture Infrastructure Fund (AIF). This initiative is developed jointly by the Department of Agriculture and Farmers' Welfare (DA&FW) and NABARD.
Chouhan said, "The newly launched automation of credit claims will ensure that the claims are settled within a day. The process, when previously done manually, would take months".

Tata Group Retains Top Spot as India's most Valuable Brand at $28.6 Billion

Tata Group retained its position as India's most valuable brand with a value of $28.6 billion, reflecting a 9 per cent increase from last year (2023). Following Tata, Infosys holds the second position, while HDFC Group made a significant leap to third place, in Brand Value's 'India 100 2024 ranking.
The India 100 report is curated by Brand Value, assessing more than 250 Indian brands across industries.

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